Royal Bank Scotland
Essay Preview: Royal Bank Scotland
Report this essay
INTRODUCTIONThis is the case study that can show how the RBS are operates and the system that they use to manage their employees. We can know and learn the effectiveness and the development that occur in this company. We also can said RBS is the successful company that can be our example to follow their steps. The Royal Bank of Scotland Group (RBS) is one of the biggest financial institutions in the world. It is a global business with a range of operations in Europe, North America and Asia Pacific. RBS has centres in thirteen European countries, sixteen North American states and eight major Asia Pacific cities.RBS is one of the worlds leading financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. It serves more than 36 million customers world-wide and employs more than 140,000 people. In addition to the provision of a full range of banking services under The Royal Bank of Scotland and NatWest brands, RBS also includes Citizens Financial Group, Ulster Bank Group, Coutts, Direct Line, Churchill and around 40 other brands. As a global business its operations are diverse. For example, in 2005, it bought a share in the Bank of China, Chinas second largest bank, opening up new opportunities such as a new credit card business. For RBS to offer world-class financial services, it is important that it attracts the most talented people. These are the business leaders of the future. At a time when there is fierce competition for talented people, RBS positions itself as a world-class employer, with world-class employment opportunities, not just in the UK, but across the globe – in China, Hong Kong, Singapore, Japan and Australia as well as Europe and the USA. With different labour market conditions in each location, RBS recruitment is based on merit, from the widest pool of talent available.1. How are staffs given self esteem by RBS employment? RBS is The Royal Bank of Scotland Group. It is one of the largest and the world’s leading financial services company. The total of employees that are working under RBS are 140 000 people and they serve to almost 36 millions of customers globally. RBS is a company that valued their employees so much. They will provide anything to satisfy their employee. This is to attract and maintain their employee in the company. It is also to pursue good relationship between employer and employee. By providing good terms to their employee it, can make RBS become more acceptable and people are running to work in their company. Employee is the capital of the company. We need employee to run our company and to increase our profit. When RBS have so many benefits to the employee. It make them feel comfortable to work at there. It can give good fame and good image towards the public because of their employees satisfaction. When their employee satisfy they will tell the good story to the public. The staffs get the self esteem from RBS employment by getting clear mindset that employees can ‘make it happen’ for themselves. When the RBS doing this it can improve the self esteem of their employees. It is because they get the chance or opportunities to proof the abilities of themselves and recognise their achievement.
By doing this the employee will feel comfortable in their position because they have the chance to make it real to show their performance in terms of skills, knowledges, ideas and their talents. Of course all people have their own talents and enthusiasm. When RBS are making this platform it can make the employees feel more secure and not feel lacking in doing their job. 2. What types of rewards are offered? Rewards is very important because our workers will make the rewards as their indicators to increase the level of performance. Worker that want to get best rewards will give high effort in their performance. So that they can redeem the rewards by giving high performanaces. Based on the system that The Royal Bank of Scotland use in terms of rewards is they will offer certain type of rewards to make their worker have the enthusiasm to work. It can make the worker feel satisfy and can impress them to work more efficently and effectively. There are many types of rewards that offered towards the empolyees of RBS. Not in term of money only but also including non finacial rewards. It is because based on what Maslow describing, ‘employees are not motivated by money alone’. Employees at RBS enjoy getting Total Reward as specific benefits package that was built by the RBS. So that the employees can enjoy benefits beyond their salary and monetary. First reward that RBS offered to their employees are they can make personal choice in working hours and security, it can be said that all employees can make themselves comfortable by getting flexible working hours and security. Second is the RBS Total Reward package also offers to their employees flexible pension funding, health and medical benefits, paid holidays, and a confidential advice service. Confidential advice service is the very rare benefits that employer can make for their employees. Next is workers may have a generous holiday allowance (between 25 and 30 days for full-time staff), with the option of buying or even selling days. Workers may also choose from lifestyle benefits, including discounted shopping vouchers, childcare facilities and RBS financial products, such as, currency exchange, mortgages, personal loans and banking at special staff discounted rates. Other than that, employees will get additional bonus payment individually if they can meet their personal performance target besides getting overall bonus increment. Which is if the company does well and meet the overall profit target. All employees share in RBS success through its profitsharing scheme. Then they will get 10% bonus based on their salary. The employees also will get recognition of good performance as the rewards if they does well which is they will get graded progession. This means RBS wants their employees to always develop themselves in terms of knowledge, skill and abilities. In exchange it can give goodimapct to the company itself. RBS also believes in giving its workers the chance to help others put something back into their own communities. They enhance many charity programs that can give the good feedback towards them.